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It is a good idea to consider whether your business structure is still the best fit. Future tax rate modifications can impact this decision. Before changing your tax status, consult your tax advisor and perform a complete analysis. As the end of the year comes, it is a good idea to start thinking about tax planning. To know more visit here <br>https://www.boulangercpa.com/tax-planning-preparation-oklahoma-city-ok
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Top Year-end Tax Planning Ideas for Businesses Year-end business tax planning takes place against the backdrop of legislative changes that occurred in late 2017 from The Tax Cuts and Jobs Act and new leadership in place with its tax policy agenda being proposed. For enterprises, the Tax Cuts and Jobs Act cut the corporate tax rate to 21%, the corporate AMT is now gone, and there are new limits on firm interest deductions. Review Structure of Business Review Retirement Plan Options Time Business Income and Deductions Take Benefit of the Business Expensing Election Splitting Business Income with Family Members Check how the secure act impacts your business